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Dr Fiona, I wish for you to continue with the answer to my…

Customer Question

Dr Fiona Chen, I wish...

Dr Fiona Chen, I wish for you to continue with the answer to my question about the debt cancellation. I didnt realize that if i asked another professional for an answer it would be conflicting. I dont know how this works, i just thought more than one person answering my question would be alright. i will still pay your fee, so please forgive me for asking this question twice.

In 2018, I am expecting a forgiveness of credit card income of approximately $20,000. I understand that I am required to report to the IRS and pay taxes on it. At the same time, I heard from one of th… read more

Do you know the name of the application or form that a student in California could fill out through their student loan program repayment plan that could discharge their debt after 20 years if their de… read more

BonoLoto.Es is offering a huge prize winning, but are asking for $1,350 first to pay for the import fees, i think taxes, or something. What import fee would one have to pay for to have a prize sent fr… read more

Hi Dr. Fiona! I have been trying to reach my tax preparer which is Jackson Hewitt. I guess I will have to wait until tax time next year. So disappointed. Unless you can suggest another option that can… read more

Hello... just received a letter from State of Ohio Dept of Taxation that says I owe taxes from 2005. I dispute it and need to know what is process from here. FYI: Case # ***** they state the amount ow… read more

The question is about how to report a 2017 short sale of a single family rental property on my tax return. BACKGROUND: I had a 1st mortgage and a separate 2nd mortgage through an equity line of credit… read more

I am working on a 2017 tax return. Husband and wife - California residents.Husband was the sole shareholder of an S-Corporation for 12 years.The S-Corporation filed for bankruptcy and stopped operatin… read more

My girlfriend received a letter in the mail from Bank of America credit card company. The letter states that the company is canceling her debt of $19,000. She is on total SSI disability and she only r… read more

I had trouble with a Diamond time share from 2014-2016 I spent about$70-75,000 and paid enormous fees and could never get reservations. The maintenance fees were onorous. I contacted a time share resolution firm and opaid them a $5,000 fee. Basically the time share deal, Diamond resorts was a scam and I never got anything out of it. Afetr about 6 months of the firms advice and sending hassling letters back and forth, Diamond basically cancelled the debt, saying they were withholding all previously paid money and refusing any more reservations as damages. Now I received 2 1099 c forms … read more

A few years back, I ran into some financial trouble...maxed out my credit cards, lost my home, lost my job. My credit was ruined and I've been repaying most of my credit cards and debt since I've gott… read more

A 2nd mortgage creditor has expired his statute of limitations to collect their debt, is the the unpaid principal, accrued interest and penalties exempted from being reported as debt forgiveness ? I w… read more

Hello: I owned a home that I rented rooms out in. Some years I rented a lot other none. I owned the home for 5 yrs. On July 2009 the home was forclosed on. I lost a lot of money since I put a 20% down… read more

On our 2007 return turbo tax did not copy over any of the $45000.00 in 401k withdrawals (line 16a), to 16b. But we did report the withholding, and because of the "excess withholding" we got a huge ref… read more

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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.